China's Kingdee hits over 3-week high on solid revenue growth in cloud

Kingdee International Software Co

12/10/2023 03:34

** Shares of Kingdee International Software Group Co Ltd
 0268.HK  rise as much as 7.4% to HK$10.68, their highest since
Sept. 18, and on course for fifth consecutive session of gain
    ** Stock the biggest one-day pct rise since July 28, if
gains hold; second biggest pct gainer in Hang Seng Tech Index
 .HSTECH  and third biggest gainer in index for IT firms
 .HSCIIT  
    ** Guangdong-based enterprise resource planning services
provider says Q3 annual recurring revenue (ARR) from its Kingdee
Cloud subscription rose 40% YoY to 2.67 bln yuan ($365.77 mln) 
    ** Nomura says Kingdee's 3Q23 ARR growth on track and
company appears on course to achieve its FY23 ARR guidance of 3
bln yuan 
    ** Stock down 37.8% YTD
    
($1 = 7.2997 Chinese yuan renminbi)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))